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lou: $600 billion in taxes? >> spending reductions and tax increases. the economy can't handle that. without a doubt, head into recession if we're over the cliff. lou: now, are you in agreement? >> i am, carl's absolutely right, nevertheless, the markets have effectively been yawning. equity markets, go higher, corporate credit market improves, commodity prices rising, and the ten-year treasury yield is dipping to new lows. i can't figure this out. everybody seems to -- lou: i know -- >> they are in a mood, and that worries me. somebody has to be wrong, and big time. >> yawning until they don't. that's the concern. lou: i know this would be stunning and alarming to economists who would never contemplate themselves being wrong on this, but is this some possibility that everyone is wrong about this? that these are actually men and women of good will in both parties who are beginning to come together in one great warm embrace sometime before christmas day and give the nation such a great boost of spirit of good will and reach agreement here? >> i don't kno
lou: $600 billion in taxes? >> spending reductions and tax increases. the economy can't handle that. without a doubt, head into recession if we're over the cliff. lou: now, are you in agreement? >> i am, carl's absolutely right, nevertheless, the markets have effectively been yawning. equity markets, go higher, corporate credit market improves, commodity prices rising, and the ten-year treasury yield is dipping to new lows. i can't figure this out. everybody seems to -- lou: i know...
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he will not pay the tax rates. fairness is among the other americans, not him. that's my two cents more. thars all for to be the. thank you for joining us, dvr the show if you can't catch us live. have a great night. we'll see you right back here tomorrow. ♪ lou: the obama administration tonight ramping up diplomatic efforts to end seer -- syria's bloody civil war and the fear assad could use chemical weapons against his own people. the military is prepared to use poisen gas bombs, secretary of hillary clinton flew to dublin to hold a meeting with her russian counter part and u.n. enjoy to syria meeting to discuss how they would end the now 21-month long conflict in syria and how to move assad from power. and there's no sign they had to reverse the support, and today, a senior lawmaker says the syria government is now incapable of functioning properly. just before the meeting with the russian foreign minister, secretary clinton insisted that the united states and russia share common goals in the region. >> trying
he will not pay the tax rates. fairness is among the other americans, not him. that's my two cents more. thars all for to be the. thank you for joining us, dvr the show if you can't catch us live. have a great night. we'll see you right back here tomorrow. ♪ lou: the obama administration tonight ramping up diplomatic efforts to end seer -- syria's bloody civil war and the fear assad could use chemical weapons against his own people. the military is prepared to use poisen gas bombs, secretary...
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gains tax cut, not from the income-tax increase. lou: you and i have done what the republicans, perhaps too often. we talk about the economics of it, the theoryf it, if you will, the extraction of it, but but the reality is the republican party has not come up with a rejoinder, a response to a, if you will, a socialist redistributionist president wh right now claims the field is on because there is no other standard flying over hat field. there is a speaker of the house to is simply saying, this is not right. you know, we are not at the table and complaining, but not, not engaging. >> i think we have got to engage the argument. we cann win the argument while acknowledging that an increase in tax rates would increase revenues and all. it will just today the top 1 percent are paying about 40 percent of the income tax. the top 5 percent are paying 87% of the income tax. it does not get any better than that. this is nder the bush tax rates. you eliminate those tax rates an you will get less revenues, more capitol flight from the united
gains tax cut, not from the income-tax increase. lou: you and i have done what the republicans, perhaps too often. we talk about the economics of it, the theoryf it, if you will, the extraction of it, but but the reality is the republican party has not come up with a rejoinder, a response to a, if you will, a socialist redistributionist president wh right now claims the field is on because there is no other standard flying over hat field. there is a speaker of the house to is simply saying,...
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a little the taxes they are talking about. no one likes to pay more taxes, but the effect on the market, the things that are being proposed would be overstated. i don't think a downgrading by the credit agencies is factored into people's thinking. so that part of it, if they do something that makes the credit agencies, all of them in unison downgrade as to something below, think about this, that is not a good thing. that disturbs the markets. lou: so and other smart people watched, the speaker off fumbled through his rhetoric to say how tough he is and how resolute the white house will be in all of this. the reaction is in the markets, if it goes another couple of weeks. >> people are saying we are all idiots. people who don't have anything to do with washington and we have to live in places where we are the safest. the debt market or the equities market, particularly the equities market. china, germany, the u.s. they can survive these crazy politicians. lou: tell important. what do you think we can expect? >> far less signifi
a little the taxes they are talking about. no one likes to pay more taxes, but the effect on the market, the things that are being proposed would be overstated. i don't think a downgrading by the credit agencies is factored into people's thinking. so that part of it, if they do something that makes the credit agencies, all of them in unison downgrade as to something below, think about this, that is not a good thing. that disturbs the markets. lou: so and other smart people watched, the speaker...
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reform said we can -- we don't have to raise tax rates, we can lower tax rates by capping deducts. he said that. lou: where is coordinated action and rhetoric from the party? i'm talking about from mayors to governors. >> we have been great with policy, but we've been clumsy courtroom communicators. >> boehner will let this backfire, we are higher taxing, no growth, no jobs, fake interest rates, in two years the republican party comes back stronger. >> we're sing is political fear at its best, by being a washington dc insider i belve we can still get a deal, we have two proposal on the table. >> to get to your point, lou, from a conservative perspective, over in 6 was a national suicide. -- november 6 was a national suicide. a very thin find red line, that red line of republican party. if this party also commits suicide, this will be catastrophic. neil: we'll explore further why it is that republicans are having trouble with two areas, one winning elects and the other governing, we'll be back with tha-team, and we'll find out who is in charge o this assault on christmas among other
reform said we can -- we don't have to raise tax rates, we can lower tax rates by capping deducts. he said that. lou: where is coordinated action and rhetoric from the party? i'm talking about from mayors to governors. >> we have been great with policy, but we've been clumsy courtroom communicators. >> boehner will let this backfire, we are higher taxing, no growth, no jobs, fake interest rates, in two years the republican party comes back stronger. >> we're sing is political...
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adding tax hikes on dividends and capital gains. the white house wants 50 billion in new spending next year alone in a long-term deal that is supposed to be about cutting spending. >> not even $400 billion in cuts and they want to have this extra spending that is actually greater than the amount they're willing to cut. it was not a serious proposal. >> the president may have the upper hand because the fiscal cliff tops allow him to back the opposition into a corner by framing this as republicans raising taxes. >> if congress does nothing, every family in america will see theiincome taxes automatically go up on january 1st. that is sort of like a lump of coal you get for christmas. >> congressional democrats operating like they don't have to compromise on spending or taxes. >> elections have consequences. the president campaigned, made it very clear. made very clear that he was supporting ta cuts for the middle-class, that he wanted the expiration of the tax cuts for the high end. >> very little progress among the inside player so fa
adding tax hikes on dividends and capital gains. the white house wants 50 billion in new spending next year alone in a long-term deal that is supposed to be about cutting spending. >> not even $400 billion in cuts and they want to have this extra spending that is actually greater than the amount they're willing to cut. it was not a serious proposal. >> the president may have the upper hand because the fiscal cliff tops allow him to back the opposition into a corner by framing this...
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but you don't have to wait for the tax hikes. $317 billion in new taxes. set to kick in january 1st. and we will show you the latest tax increase brought to you by the people who created obamacare . get ready for armageddon. is america reelly headed to help? is there any way to stop the document author of after america, mark stein joins me next. ♪ ♪ lou: welcome all fundamental dishonesty at the heart of america's financial crisis. my next guest saas americans really seems of want a european size government with current american size tax rates. one or the other has got to go. we will see. joining us now, author of the best seller, get ready for armageddon. also, a recording of -- i will explain my laughter. his new holiday cd, making spirits bright available on the amazon and itunes. i am trying to think how to do it. >> the words stuck in your throat. lou: it is terrific. it is wonderful. here to prove the point, and it's ggod to have you. i wish you lots of luck. by the way, s t eyn. that's right. and i got it covered. >> that's right. why do i have
but you don't have to wait for the tax hikes. $317 billion in new taxes. set to kick in january 1st. and we will show you the latest tax increase brought to you by the people who created obamacare . get ready for armageddon. is america reelly headed to help? is there any way to stop the document author of after america, mark stein joins me next. ♪ ♪ lou: welcome all fundamental dishonesty at the heart of america's financial crisis. my next guest saas americans really seems of want a...